As the number of women in franchising grows. franchisors are naturally turning their attention to attracting female entrepreneurs. According to Price Waterhouse Coopers and the International Franchise Association, about 25% of franchises are owned by women.
FranchiseHelp.com conducted an informal poll to learn towards which franchises women trend. The answer was those that allow a flexible schedule, a daytime schedule, or relate to something they feel strongly about, like nutrition or pets. They identified popular franchise choices as Naturals 2 Go, Kumon Math & Reading Centers, Cleanpro Carpet Cleaning, and Bark Busters.
Patricia Deering of FranNet says that franchises typically begin at $50,000 and go up from there. “Usually, they need to have 25-30 percent of their own money and they need to be able to support themselves while they are growing the business.
For women who want to be in charge of their own financial destiny and can manage the up front costs, there are many franchise options. All franchises don’t require the hours of a fast food franchise. The key is to find the fit best for your background, interests, and lifestyle.
Under 30 CEO offers a list of 21 Franchises best for entrepreneurs in their twenties. They selected franchises with relatively low start-up costs, appropriate for the experience level of someone in their twenties, and with franchisors favorable to young investors.
- Weed Man. The largest lawn care company is a good transition for someone who spent summers mowing lawns. The franchise offers the business, marketing, and logistics support to help an entrepreneur get a franchise off the ground.
- GroOrganic. Combining entrepreneurial fire with a desire to do good in the world, GroOrganic franchises assist people and businesses in growing organic backyard gardens that are later harvested for food consumption. With a minimum cash investment of only $10K, this is a good option for an entrepreneur who enjoys outdoor work.
- Fetch! Pet Care. This dog walking and pet sitting business requires low net worth to start, has relatively low risk, and a system that is accustomed to young entrepreneurs.
- Recruit. For the sports-minded, a Recruit franchise may be a good choice. Franchisees obtain, refine, and disseminate key scouting data for colleges recruiting high school athletes.
- Merry Maids. This well-known cleaning service offers another avenue for young entrepreneurs to break into franchising. Translate your years of doing chores and business expertise to a successful venture. This cleaning franchise also has low entry requirements, a minimum cash requirement of approximately $25,000.
For more options, check out the full list.
Since 1991, VetFran has been thanking veterans for their service by providing information about business opportunities. The International Franchise Association that runs the program believes that franchise opportunities are a good match for our returning service men and women because the franchise business model offers comprehensive training, a career path, and scalability.
VetFran offers information on the franchise industry, online courses, mentorship, and financial assistance, giving veterans their best chance of success as small business owners. VetFran partners with more than 650 member franchises “that voluntarily offer financial discounts, mentorship, and training for aspiring veteran franchisees and veterans seeking employment.” Discounts can save veterans aspiring to small business ownership tens of thousands of dollars. VetFran Helps Veterans Build Businesses A Business for Veterans Feb 16, 2016
As competition for franchisees heats up, franchisors are rolling out incentives to turn their heads. Discounted franchise fees and reduced royalties are meant to appeal to newcomers to franchises who may have more difficulty finding financing. Current multi-store franchisees may be drawn by incentives to open or take over additional stores.
The Wall Street Journal reports, “Among the incentives he (David Nilssen) has seen are franchisers not charging royalties on the first six months of revenue and chains contributing $10,000 to the grand-opening marketing package if a buyer opens a second store in under a year.”
Elizabeth Garone’s article goes on to speak about specific franchise incentives, including, “At small franchises, incentives can make a huge difference in spurring growth. In 2013, Buffalo Wings & Rings awarded three locations. In 2014, after slashing the franchise fee to $5,000 from $35,000, the Cincinnati-based sports-restaurant chain awarded 17.”
The bottom line: both large and small franchisors are offering incentives in an effort to draw the best franchisees and continue growth of their chains.
Read the full article.